Swiss National Bank Reduces Stake in Teledyne Technologies Incorporated (NYSE:TDY)

Key Points

• The Swiss National Bank reduced its stake in Teledyne Technologies by 0.6%, selling 800 shares to own a total of 131,418 shares valued at approximately $65.4 million.
• Teledyne Technologies reported earnings of $5.20 EPS for the last quarter, exceeding analysts' expectations, with revenue increasing by 10.2% year-over-year.
• The company announced a $2.00 billion stock repurchase plan as a sign of confidence in its stock's value, aiming to buy back up to 7.7% of its shares.

Swiss National Bank decreased its holdings in shares of Teledyne Technologies Incorporated (NYSE:TDY - Free Report) by 0.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,418 shares of the scientific and technical instruments company's stock after selling 800 shares during the period. Swiss National Bank owned 0.28% of Teledyne Technologies worth $65,408,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Golden State Wealth Management LLC raised its position in Teledyne Technologies by 205.9% during the 1st quarter. Golden State Wealth Management LLC now owns 52 shares of the scientific and technical instruments company's stock valued at $26,000 after purchasing an additional 35 shares during the last quarter. Quarry LP bought a new position in Teledyne Technologies during the 4th quarter valued at approximately $28,000. NBC Securities Inc. bought a new position in Teledyne Technologies during the 1st quarter valued at approximately $28,000. Ancora Advisors LLC raised its position in Teledyne Technologies by 192.3% during the 4th quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company's stock valued at $35,000 after purchasing an additional 50 shares during the last quarter. Finally, TCTC Holdings LLC raised its position in Teledyne Technologies by 97.4% during the 1st quarter. TCTC Holdings LLC now owns 75 shares of the scientific and technical instruments company's stock valued at $37,000 after purchasing an additional 37 shares during the last quarter. Institutional investors own 91.58% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TDY. UBS Group increased their target price on Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wall Street Zen raised Teledyne Technologies from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Needham & Company LLC decreased their target price on Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. TD Securities reissued a "buy" rating and issued a $550.00 target price on shares of Teledyne Technologies in a research report on Thursday, April 24th. Finally, Morgan Stanley increased their target price on Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Teledyne Technologies has an average rating of "Moderate Buy" and an average target price of $576.57.

Insider Buying and Selling at Teledyne Technologies

In other Teledyne Technologies news, Director Simon M. Lorne sold 6,311 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $549.64, for a total transaction of $3,468,778.04. Following the sale, the director directly owned 61,913 shares in the company, valued at approximately $34,029,861.32. This trade represents a 9.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael T. Smith sold 1,975 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $560.10, for a total value of $1,106,197.50. Following the sale, the director owned 51,328 shares in the company, valued at approximately $28,748,812.80. This represents a 3.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,021 shares of company stock worth $8,315,662. Insiders own 1.50% of the company's stock.

Teledyne Technologies Stock Down 0.4%

Shares of Teledyne Technologies stock traded down $2.04 during midday trading on Wednesday, hitting $550.26. The company had a trading volume of 387,845 shares, compared to its average volume of 329,288. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.07 and a current ratio of 1.66. The stock has a market capitalization of $25.80 billion, a P/E ratio of 30.30, a P/E/G ratio of 2.52 and a beta of 1.07. The company has a 50 day moving average of $525.22 and a 200 day moving average of $500.86. Teledyne Technologies Incorporated has a 52-week low of $406.42 and a 52-week high of $570.56.

Teledyne Technologies (NYSE:TDY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The scientific and technical instruments company reported $5.20 earnings per share for the quarter, topping the consensus estimate of $5.05 by $0.15. Teledyne Technologies had a return on equity of 9.96% and a net margin of 14.54%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the prior year, the business posted $4.58 EPS. The firm's quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities analysts predict that Teledyne Technologies Incorporated will post 21.55 earnings per share for the current fiscal year.

Teledyne Technologies declared that its board has initiated a share buyback program on Wednesday, July 23rd that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

About Teledyne Technologies

Teledyne Technologies Incorporated, together with its subsidiaries, provides enabling technologies for industrial growth markets in the United States and internationally. Its Digital Imaging segment provides visible spectrum sensors and digital cameras; and infrared, ultraviolet, visible, and X-ray spectra; as well as micro electromechanical systems and semiconductors, including analog-to-digital and digital-to-analog converters.